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China's stock market is on fire. That's not a typo

China's stock market is in the midst of a reverse Isaac Newton moment. What goes down, must come back up. Way up actually.

The Shanghai Composite has soared 11% so far in October after its dramatic 34% plunge between June and September.

China's turmoil was largely to blame for the global market sell-off this summer. So you could make the case that the rebound in China is what's helping lift investor sentiment around the world right now.

Japan's Nikkei has gained more than 4% in October. Germany's DAX is up 5%. And the S&P 500 has surged nearly 6%.

So is the worst really over in China? It's probably too soon to tell.

But here's a potentially good sign. The rally is being led by big Chinese blue chips, not speculative momentum stocks.

China's top stocks are surging

The U.S.-listed shares of Alibaba (BABA, Tech30) have soared 22%. It's an impressive rebound for Jack Ma's company.

Alibaba is even feeling confident enough to start shopping. The company announced last week it was planning to buy the remaining stake in Youku Tudou (YOKU) -- aka China's YouTube -- that it didn't...